Shiba Inu (SHIB) is witnessing a marked uptick in network activity and adoption, as it recently welcomed the highest number of daily new addresses in 3 months.
Shiba Inu (SHIB) remains in a bearish position due to the prevailing market conditions, but a recent uptick in network activity might signal a renewal of investors’ interest. Notably, Shiba Inu recently saw the highest number of daily new addresses in the past 3 months.
Ali Martinez, a prominent market watcher, first called attention to the bullish development, citing data from the blockchain data and intelligence resource Glassnode.
— Ali (@ali_charts) May 27, 2023
The Glassnode chart suggests that the number of new Shiba Inu addresses created on a daily time frame saw persistent declines from May 17. This decline continued until May 21 when the metric dropped to its lowest point this year. Following the drop, the number of new addresses started witnessing a recovery.
The metric saw an observable increase from May 21 which persisted for six days, as Shiba Inu observed the creation of up to 2,538 new addresses on May 26 alone. This represents the highest number of newly-created SHIB addresses in one day for the past 3 months.
This surge implies a growing interest in Shiba Inu and a potentially expanding user base. The increase in daily addresses suggests a higher level of participation and adoption of the asset. It could indicate increased buying or holding of SHIB and potential interest from new investors.
Moreover, according to Santiment, a crypto behavior analytics platform, Shiba Inu’s daily active addresses have also seen an impressive increase since May 21. The daily active address count surged to 4,632 on May 26, its highest point in the past month.
Shiba Inu Accumulation Picks Up
Amid this increase in the network activity, whales have embarked on an accumulation spree, scooping up more Shiba Inu tokens. These deep-pocketed addresses take advantage of the asset’s value below the $0.00001 mark to amass more tokens at a discount. A Santiment chart shows a steady but gradual increase in the balances of addresses holding between 100,000 and 100 million SHIB.
The Crypto Basic drew attention to this sustained accumulation in a previous report. Meanwhile, the asset is looking to recover the losses of the past 30 days. Since May 26, Shiba Inu has printed two consecutive winning candles. The asset is up 2.57% in the past week, currently trading for $0.00000877.